September is Life Insurance Month in America. If you own life insurance, good for you. Owning life insurance means you are unselfish and concerned about the bad things that can happen to your loved ones or to your business associates when you are no longer around to stand between them and financial disaster. If you don’t own life insurance…well, that is just somebody else’s problem isn’t it?
Get ready for 2015 Income Tax Season. If you obtained Obamacare health insurance for 2015 and qualified for an income tax credit to reduce your monthly premiums, be on the lookout for a letter from the IRS with a Form 1095-A in it. Information in Form 1095-A helps you complete IRS Form 8962, which must be included with your 2015 Income Tax Return.
If you are receiving the above income tax credits against your monthly health insurance premiums, you MUST INCLUDE Form 8962 with your 2015 Income Tax return or run the risk of losing your tax credit in 2016. The income tax hit for not owning health insurance in 2015 is substantially more than it was in 2014.
“Income Tax Credit” means other peoples’ income tax payments being used to pay your premiums…so be sure to thank your neighbors down the street for their largess.